With all the crazy conspiracy theories floating around these days (especially yesterday)(ESPECIALLY yesterday), many are asking why even enlist a real estate agent in a hot seller’s market when properties are selling so quickly, often above the list price? WHY, they ask. Well, simmer down folks and hear me out. Here’s what happened in Brad Lippitz Groupland.
Two weeks ago (on Friday, May 16th) we got a call from clients who needed to get their property on the market and sell fast for top dollar so they could use the proceeds to pay cash on a house they were closing out of state in June. Without skipping a beat, we ran with it and proposed an aggressive timeline: stage the place that weekend, professionally photograph it on Monday, print brochures and do professional drone video on Tuesday, post the listing on Wednesday, and conduct showings on Thursday and Friday with a public open house on Saturday. We priced it well for this particular sub-market.
With over 40 showings over those days and the open house, we asked for best offers by Sunday at 9am and ended up with 10 offers. Even though it’s tempting to just take the highest offer, other contractual terms often weigh in on the determination of which offer is the “best.”
And how do you assess what weight to put on these factors, and how much risk you’re taking with each factor? A few examples: 1) How the buyer intends to pay for the property: cash? Not cash, but the offer is not contingent on getting a mortgage? A mortgage - and, if so, how much is the buyer committed to putting down? 2) Inspection contingency: as-is? Even so, can the buyer do an inspection - and, if so, can the buyer still back out? 3) Appraisal - whether or not the buyer is getting a mortgage, is an appraisal contingency either clear or embedded somewhere in the terms of the contract? Is there a way to get around that? Might it pop up later in attorney review?
And the million dollar question; How much weight do you give each and all of these factors against the offer price?
Do you go back to one party, two parties, all parties, or no parties? What are the risks - and potential rewards - of doing so?
With a neatly prepared spreadsheet organizing all the offers and outlining the most important terms, we reviewed the offers with our clients, answered their concerns, and together charted a course of action which ultimately garnered a deal which maximized their power in the marketplace. Our seller benefitted immeasurably from our decades of on-the-ground experience coupled with my background in law.
Enlisting the Brad Lippitz Group in a hot market will ensure you get the very best deal. And that’s far from a conspiracy - it’s a fact.
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No, Maifest doesn't mean you've stumbled into an early Oktoberfest—this is just how Lincoln Square welcomes street-festival season and the beginning of spring. Hoist a stein, grab a pretzel, watch some lederhosen- and dirndl-costumed dancers and embrace the neighborhood’s German heritage over the course of one fun-filled weekend.
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The oldest juried craft fair in Hyde Park features paintings, sculptures, jewelry and ceramics from nearly 200 artists. The event also features blues and jazz acts, presented by Buddy Guy's Legends, as well as a family-friendly activity area and various food vendors. Attendees can shop for artwork created in a variety of mediums, including glass, jewelry, leather, photography, printmaking, painting, sculpture, wood, ceramics or fiber.
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3232 N. Halsted St, #D309
2 Bed | 2 Bath East Lakeview
Offered at $625,000
Open House Sunday 11:00 - 1:00
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2 Bed | 2 Bath Near North Side
Offered at $399,000
Open House Saturday 11:00 - 1:00
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1040 N. Lake Shore Dr, #4D
3 Bed | 2.1 Bath Gold Coast
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2 Bed | 2.1 Bath The Loop
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2-Flat with 6 Bed | 3.1 Bath
in Magnolia Glen
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4 Bed | 2.1 Bath Northbrook
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1100 N. Lake Shore Dr, #33A
3 Bed | 2.1 Bath Gold Coast
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1 Bed | 1.1 Bath Gold Coast
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2 Bed | 2.1 Bath Printer's Row
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2 Bed | 2 Bath East Lakeview
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1150 N. Lake Shore Dr, #4H
2 Bed | 2 Bath Gold Coast
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1 Bed | 1 Bath Gold Coast
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3 Bed | 3.1 Bath Near North Side
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4 Bed | 2.1 Bath Evanston
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3 Bed | 2.1 Bath Evanston
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5 Bed | 6.3 Bath Gold Coast
Spectacular renovation of historic
greystone mansion.
To be offered at $5,595,000
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2 Bed | 2 Bath Cathedral District
Gorgeous home at the
full-service Pinnacle with parking.
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180 E. Pearson St, #5405
Fabulous renovated residence
To be offered at $1,775,000
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2 Bed | 2 Bath East Lakeview
Stunning penthouse in boutique
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3800 N. Lake Shore Dr, #13B
3 Bed | 2 Bath East Lakeview
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2 Bed | 2 Bath Gold Coast
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Check
out our
Brad Lippitz Group?"
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Modern. Vintage. Architectural. Cool.
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And everything in between.
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Check out previous "Into the Weekends" here.
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© Compass 2024 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass Real Estate is a Licensed Real Estate Broker with a principal office in New York, NY and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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